Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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More than half of middle-aged people in S. Korea indebted: data
More than half of middle-aged people were indebted last year, data showed Tuesday, in the latest sign of growing household debt in South Korea. The data compiled by Statistics Korea showed that 56.1 percent of people aged between 40 and 64 borrowed money from banks or other financial institutions in 2018, up 0.8 percentage point from 2017.Their median debt amount stood at 50.96 million won ($43,836) in 2018, according to the data. For those who own homes, the median debt amount jumped to 8
Dec. 24, 2019
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Service sector's sales up 5.6% in 2018
South Korea's service sector logged a 5.6-percent rise in sales last year from a year earlier, thanks to robust sales at convenience stores and coffee shops, data showed Tuesday. The combined sales of local service firms totaled 2,155 trillion won ($1.85 trillion) last year, compared with 2,042 trillion won in 2017, according to the data compiled by Statistics Korea.The data showed that 12.18 million people worked in the service sector in 2018, up 4 percent from a year ago. According to th
Dec. 24, 2019
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Economic conditions expected to improve early next year: vice finance minister
Economic conditions at home and abroad are expected to improve early next year, supported by a trade truce between the United States and China and an easing of Brexit worries, South Korea's vice finance minister said Tuesday. Vice Finance Minister Kim Yong-beom made the remarks at a regular meeting with senior financial officials on macroeconomic factors earlier in the day. "Recently, financial markets at home and abroad showed an improvement, thanks to a 'phase one' trade deal between the
Dec. 24, 2019
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S. Korea to cut tariff rates on 77 products in 2020
South Korea's Cabinet on Tuesday approved a plan to lower tariff rates on 77 products next year to bolster the country's industrial competitiveness and stabilize prices of domestic goods. The products covered by a tariff quota include crude oil, liquefied natural gas and cobalt sulfate, a key ingredient in making batteries for electric vehicles, according to the Ministry of Economy and Finance. Under the tariff quota, which is set to take effect between Jan. 1 and Dec. 31 next year, tariff rates
Dec. 24, 2019
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Brokerages' net profit down 28.5% in Q3
South Korean and foreign securities firms saw their combined net profit fall 28.5 percent in the third quarter from a quarter earlier due in part to declines in commission fees, data showed Tuesday.The combined net profit of 56 local and foreign brokerages in South Korea stood at 988.9 billion won ($850.5 million) in the July-September period, down from 1.38 trillion won in the April-June period, according to the preliminary data from the Financial Supervisory Service.Brokerage commission fees f
Dec. 24, 2019
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FSC chief says shift of money flow from real estate to SMEs crucial
In order to carry forward financial innovation next year, it is crucial to induce market funds into innovative industries, instead of the oversupplied housing mortgage sector, according to the top financial regulator Monday.“The funds (in the domestic capital market) are excessively focused on household lending, which mostly comprise housing mortgage loans,” said Financial Services Commission Chairman Eun Sung-soo at a financial policy meeting held at the Korea Deposit Insurance Corp
Dec. 23, 2019
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[Monitor] Exports in Dec. inch down
South Korea’s exports inched down 2 percent in the first 20 days of December from a year ago, data from the Korea Customs Service showed Monday.The drop was mainly due to decreased shipments of semiconductors and ships -- 16.7 percent and 51.2 percent, respectively.Exports of passenger cars and wireless equipment, on the other hand, increased by 2.7 percent and 3 percent, respectively.(khnews@heraldcorp.com)
Dec. 23, 2019
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Tax agency to probe buyers of expensive homes over alleged tax evasion
South Korea's tax agency said Monday that it will launch an investigation into buyers of expensive homes over alleged tax evasion, a week after the government unveiled tougher regulations to rein rising home prices. The National Tax Service said it will start the probe into 257 people who are suspected of evading taxes or illegitimately raising money to buy homes. Debt accounted 69 percent of 512.4 billion won ($440 million) spent in 531 home transactions, which have been under scrut
Dec. 23, 2019
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Korea's exports down 2% in first 20 days of December
South Korea's exports fell 2 percent in the first 20 days of December mainly due to decreased shipments of semiconductors and ships, customs data showed Monday. The country's exports stood at $30.4 billion in the Dec. 1-20 period, compared with $31.06 billion in the same period last year, according to the Korea Customs Service.By product, exports of semiconductors and ships fell 16.7 percent and 51.2 percent, respectively. In contrast, outbound shipments of passenger cars and wireless equi
Dec. 23, 2019
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No. of workers underemployed on steady rise: BOK
The number of South Koreans overqualified for their current jobs has reached a record high of over 30 percent this year, a central bank report showed Monday, suggesting overeducation may be adding to the country's overall costs and that the nation may also be running out of quality jobs.According to the report from the Bank of Korea (BOK), the number of people underemployed has breached the 30 percent mark for the very first time this year. "Underemployment occurs when a worker has higher a
Dec. 23, 2019
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[Monitor] BTS Seoul concerts generate W1tr of economic effects: study
Large-scale concerts held by Korean boy band BTS held in October has generated nearly 1 trillion won of economic impact, a study by Korea University Business School showed.The three concerts held at the Seoul Olympic Stadium appear to have created around 922.9 billion won of both direct and indirect economic effects, equivalent to the annual revenue generated by six typical medium-sized companies in Korea. Direct economic effect was calculated with ticket sales, costs for the venue and live broa
Dec. 22, 2019
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S. Korea's ICT exports down for 13th consecutive month in Nov.
South Korean exports of information and communication technology products dropped for the 13th straight month in November on sluggish demand for chips, displays and mobile phones, trade data showed Sunday.The value of outbound shipments totaled $14.31 billion last month, plunging 21.8 percent from a year ago, according to findings compiled by the Ministry of Science and ICT.South Korea's ICT exports have been on the decline since November last year, with overseas shipments consistently falling b
Dec. 22, 2019
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Home transactions up 42.6% in November
Home sales in South Korea rose 42.6 percent in November from a year earlier amid a rise in housing prices, data showed Friday.The number of housing transactions across the country came to 92,413 in November, compared with 65,000 during the same period last year, according to the data compiled by the Ministry of Land, Infrastructure and Transport. The number of home sales in Seoul jumped 85.7 percent on-year to 17,313 in November. It represents a 22.4 percent hike from October. Financial Services
Dec. 20, 2019
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Finance minister vows to boost recovery momentum next year
Finance Minister Hong Nam-ki said Friday that South Korea will spare no efforts to boost economic recovery next year as it seeks to boost corporate investment and consumer spending. "There should be an economic rebound next year to put the economy on a growth track," Hong told a KBS radio program earlier in the day. The nation's economy is expected to grow 2.4 percent next year, following this year's estimated 2 percent expansion, on the back of an anticipated recovery in the memory ch
Dec. 20, 2019
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Korea's overseas direct investment falls 5.8% in Q3
S. Korea's overseas direct investment fell 5.8 percent on year in the third quarter due to sluggish investment by the manufacturing sector, data showed Friday.The value of investments made by South Korean companies came to a total of $12.7 billion in the July-September period, compared with $13.5 billion for the same quarter last year, according to the data compiled by the Ministry of Economy and Finance. The US accounted for the largest share of South Korea's overseas investments, with $2.85 bi
Dec. 20, 2019
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S. Korean firm shortlisted for Bulgarian nuclear plant project
The state-run Korea Hydro & Nuclear Power Co. has been selected as one of three potential investors for a nuclear plant project in Bulgaria, according to the Balkan nation's energy ministry on Friday.The South Korean energy firm, along with Russia's Rosatom and the China National Nuclear Corporation, were selected as strategic candidates for the new nuclear energy plant project in northern Bulgaria, its ministry said.The decision was based on the candidates' experience in building nuclear pl
Dec. 20, 2019
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S. Korea, China, Japan to hold trade ministers‘ talks ahead of next week’s trilateral summit
TOKYO -- South Korea, China and Japan will hold a trade ministers‘ meeting in Beijing over the weekend ahead of their trilateral summit in the southwestern Chinese city of Chengdu next week, reports said Thursday.China’s Assistant Commerce Minister Li Chenggang told a press conference that the ministers‘ meeting was set to take place in the Chinese capital on Sunday, according to Japan’s Kyodo News. South Korea‘s Trade, Industry and Energy Minister Sung
Dec. 19, 2019
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Officialdom pressed to join housing bubble-busting drive
Soaring housing prices in South Korea have emerged as the biggest headache for policymakers, and now the country‘s officialdom is under growing pressure to actively join the Moon Jae-in administration’s drive to rein in a hike in home prices.On Wednesday, Finance Minister Hong Nam-ki said it is desirable for high-ranking officials to sell extra homes they own in Seoul and all but one neighboring areas in order to help stabilize home prices. His remarks came two days after the governm
Dec. 19, 2019
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[News Focus] Korea clings to record-low rate despite unfavorable indices
SEJONG -- South Korea’s benchmark interest rate ranged between 3 percent and 5.25 percent per annum from 2000 to 2008.Though the monetary policy committee of the Bank of Korea cut the key rate to 2 percent in 2009 in the wake of the 2008-09 global financial crisis, the figure went into normalization in the early 2010s to reach 3.25 percent during the 2011-2012 period.Most analysts shared the view that the Korean economy had been resilient to negative external factors on the back of its rob
Dec. 19, 2019
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Demand for safer debt still high on hope for further rate cut
Bond prices in South Korea remain relatively strong on expectations that the country's central bank may further cut its policy rate early next year, data showed on Thursday. From Friday through Wednesday, bond yields, which move inversely to prices, fell despite Washington's Friday announcement of the phase-one trade deal with China, which cleared one of the major drags on the global economy as well as the world's financial markets.Over the four trading sessions, the benchmark three-year Treasur
Dec. 19, 2019